Visa and Coinbase are collaborating to enable eligible debit cardholders to deposit and withdraw funds on the crypto platform instantly, the companies announced on October 29.
Excited for Visa to partner with @coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real time cash outs https://t.co/aA9l6ZvwHm
— Cuy Sheffield (@cuysheffield) October 30, 2024
Commitment to Expanding Crypto Access
According to Visa, millions of Coinbase users already have a linked debit card. Now, United States and European Union customers with eligible Visa debit cards can receive “real-time delivery of account funds.”
The feature enables Coinbase users with eligible Visa debit cards to make crypto purchases and withdraw funds to their accounts in real-time, based on region and bank policies. Yanilsa Gonzalez Ore, Visa Direct’s North America head, emphasized that this partnership ensures these users’ round-the-clock access to trading.
Coinbase has been actively working to expand access and regulatory support for crypto in the U.S., where it and other major crypto firms have invested heavily in election campaigns. With these political efforts, the industry expects that pro-crypto regulations may move forward, regardless of the election’s outcome in November.
Visa has previously partnered with Coinbase by supporting its crypto debit card, enabling users to spend their crypto through Visa’s vendor network. On October 28, Visa also signed a similar agreement with FV Bank to support its debit card offerings, which can be funded with crypto and cash.
Coinbase To Delist Non-MiCA Compliant Stablecoins
Coinbase’s recent collaboration with Visa follows the exchange’s announcement that it will delist all stablecoins without proper authorization from its European Economic Area (EEA) platform by the end of 2024. The decision may impact tokens like Tether’s USDT, which has yet to secure regulatory approval in the region.
The decision comes as the European Union (EU) prepares to enforce its new cryptocurrency regulations under the Markets in Crypto Assets (MiCA) framework. According to CoinTab, Coinbase aims to release a detailed update next month, outlining user options to transition their holdings into MiCA-compliant stablecoins, such as Circle’s USDC.
In anticipation of MiCA’s full implementation, other exchanges like OKX, Bitstamp, and Uphold have already started limiting access to Tether’s stablecoins in the European market.